- IRA Charitable Rollovers: Everything You Need to Know
If you have a traditional IRA, you will need to start taking required minimum distributions (RMDs) when you reach age 70.5. As traditional IRAs are tax-deferred, you will need to pay federal income tax on these distributions, but you can avoid… read more…
- 9 Rental Property Tax Deductions for Landlords
Being a landlord can significantly bolster your savings, but it’s also a lot of work. On top of the finances and responsibilities of your own living space, you have to find tenants, secure insurance and pay a mortgage and property taxes.… read more…
- Charity Tax Deduction
There are a lot of reasons to give to charity. The most obvious is that you’re giving money to a cause or group that you believe in. However, there is a common reason beyond that to make a donation: the… read more…
- What Is the Social Security Tax?
The Social Security tax is one reason your take-home pay is less than your income. The tax of 6.2% (on income up to $147,000 in 2022 and $160,200 in 2023) is deducted from your pay and appears on your paycheck stub… read more…
- What Is the First-Time Homebuyer Credit? Does It Still Exist?
The first-time homebuyer tax credit emerged during the 2008 financial crisis to help make buying a home more affordable for Americans. Though various other mortgage programs and loans exist, the tax provision here was strictly for first-time homebuyers. Simply put,… read more…
- Where Residents Are Most Likely to Pay State and Local Taxes
State and local taxes (SALT) are a frustrating part of living in a high-tax locale. Before the passing of the Tax Cuts and Jobs Act at the end of 2017, which ushered in sweeping tax legislation overhaul, Americans could deduct state and local taxes, including income and property taxes, from their federal income taxes. Under… read more…
- What Is the W-4 Form and How Do You Fill It Out? Simple Guide
IRS Form W-4 tells your employer how much federal income tax to withhold from your paycheck. You’ll be asked to fill one out when you start a new job. You can also submit a new W-4 to your HR or payroll… read more…
- Dividend Tax Rate for 2024 and 2025
Earning dividends is a great incentive for investing in certain companies and mutual funds. Dividends are particularly useful for people who want to supplement their retirement income. However, like all income, you’ll need to pay taxes on any dividends you… read more…
- Trump Tax Brackets: Will Your Tax Rate Change Under the New Plan?
President Donald Trump signed a law that dramatically overhauled the U.S. tax code in December 2017. The law created new income tax brackets that changed what many Americans pay in taxes. Most changes went into effect on Jan. 1, 2018,… read more…
- Tax Refund Delay: What to Do and Who to Contact
There are many reasons your tax refund could be delayed. Perhaps your numbers and your employer’s numbers didn’t match. Or you accidentally skipped a line – or an entire form. Or maybe you claimed a credit that the IRS takes longer to check. Filing a paper return might even be a reason it’s delayed longer… read more…
- How to Handle Cryptocurrency on Your Taxes
If you’re investing in cryptocurrency, it’s important to know how these currencies – and any gains you earn from buying and selling them – are taxed. The IRS has issued guidance about reporting cryptocurrency transactions, which the agency refers to… read more…
- Where’s My State Tax Refund?
When you file your federal income tax return, you can check the status of your tax refund by visiting the IRS website or its mobile app. However, each state has its own process for handling state income taxes. If you expect… read more…
- Federal Income Tax Deadline in 2025
Circle Tuesday, April 18, 2023, on your calendar, because that’s the one general date by which most filers need to get returns into the IRS. However, you may have a different deadline if you filed for an extension or if you… read more…
- 5 Ways to Get a Bigger Tax Refund
Want to get a big tax refund this tax filing season? You can minimize your tax liability and potentially snag a larger refund by taking advantage of every possible tax break. In this article, we’ll discuss a few strategies to keep… read more…
- All About Taxes on Rental Income
If you own an investment property and collect rent from your tenants, it’s important to declare that rental income on your taxes. You can, however, deduct expenses you incur to maintain your rental property. In other words, becoming a landlord… read more…
- What Is a W-9 Form?
When you start a new job, there’s a lot of paperwork to fill out, from direct deposit documents and benefits enrollments to your W-4 form. But when you’re a contractor or self-employed person, income taxes work a little differently. You will… read more…
- States With the Most Million-Dollar Earners
Hollywood and New York City probably come to mind when you think about the places with the most million-dollar earners. While location plays a part in how much money you earn, there are other factors that can help you reach millionaire status. Plenty of patient saving is most likely required. Many people seek professional advice from a… read more…
- TurboTax vs. TaxSlayer in 2025
With the new year starting, it’s just about the time to file your federal tax return. But there’s no need to get stressed out. Tax filing services are making it easier than ever to file your taxes. You will, of… read more…
- Federal Income Tax Brackets for Tax Years 2024 and 2025
The federal income tax rates remain unchanged for the 2022 and 2023 tax years are 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income thresholds for each bracket, though, are adjusted slightly every year for inflation. Read on for… read more…
- States With the Highest Average Tax Refund
For most people, the only fun part of doing your taxes is getting your tax refund. Not everyone receives a refund. Technically speaking, tax refund is money you overpaid in taxes, meaning it was always your money and the government was just “borrowing” it for a while. Regardless, it always feels good to get a… read more…
- H&R Block vs. TurboTax
The start of a new year means it’s time to file your federal tax return. Many people stress about filing taxes, but there are a number of tax filing services to make the process easier. Two of the most well-known… read more…
- When the Trump Tax Plan Took Effect
In December 2017, President Trump signed the new tax plan into law. While most of the changes from the plan went into effect on Jan. 1, 2018, they did not affect taxpayers when they filed their federal income taxes in… read more…
- States Most Dependent on the Federal Government
Many taxpayers fret over where their hard-earned money goes once they’ve paid their share of taxes. This is true for residents of all states. But some states get a better deal when it comes to income taxes paid and benefits received. These states, and their economies, rely on the federal government for support to a… read more…
- States Where It’s Easiest to Get Help Filing Taxes
Many Americans try to reduce the stress of filing taxes by using online tax software or hiring an accountant. In some states getting this tax help is easier than others due to more affordable rates for accountants and better internet access. Below we look at the states where it’s easiest to get help during tax… read more…
- All About New York Sales Tax
The majority of U.S. states charge a sales tax on retail goods and services. New York state is no different. The state’s sales tax is relatively low but once you add on taxes from individual counties and cities, it can… read more…